When is a Good Time to Get Life Insurance?

Life insurance is a smart and responsible move to make when you are young, but how many young people choose to buy life insurance? Not too many, statistics say that only 3% of people under 25 have life insurance. People with dependents, such as spouses or children tend to be a little more responsible and consider buying life insurance more often that young individuals do. If you’re one of them, we’re here to help you out to decide and the right time to get life insurance is and which type of life insurance would work for you because the choice between a whole or term life may prove to be quite difficult to make.

There are two main forms of life insurance:

  • Term Life Insurance

It offers life coverage and only that. You can buy a term life insurance for a period raging from one year to 30 years, depending on your age, health and some other criteria that the insurance company will inform you of. If you expire before the term does, your beneficiary will be given the money. If you do not, you lose every penny unless you chose to continue with much higher rates.

  • Whole Life Insurance

Whole life insurance is a mix of term policy with an additional investment plan. It is much more expensive than the term life insurance and to be honest you could find much better investment plans for your money.

So, when is a good time to get life insurance? We think, and the experts agree, that it is best to do it as early as possible. Sure, young people don’t like to think about death and old age, but with age comes wisdom and we eventually understand that it is up to us to take care of our loved ones once we are no longer on this earth. If you’re starting a risky job, then it would be wise to get life insurance. If you have a long history of cancer or heart disease in your family, you better start accepting that it could happen to you and start planning ahead, in case the something bad happens. Also, the earlier you start, the less money you end up paying monthly.

If you’re not going to take care of your spouse or your children, who is? Act like a grown-up and start taking your life seriously. Search for insurance companies, do a term life insurance comparison and find out which the best for you.

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